Singapore University of Social Sciences

Introduction to Income Tax

Introduction to Income Tax (ACC213)

Synopsis

ACC213 Introduction to Income Tax aims to provide students with a broad overview of the Income Tax and the Goods & Services Tax systems in Singapore. Students will be introduced to tax formulation policies and how tax policies function as part of Singapore’s fiscal policy. It is also imperative to understand the legislative framework governing the tax systems and their implementation in Singapore via tax compliance and administration procedures. Thereafter, the module introduces essential tax concepts to students before focusing on the respective tax treatments for an individual, a business and specific business transactions. This module concludes with an introduction of Stamp Duty and Estate Duty to students. During the course, students will be examined on their understanding of tax concepts as well as the application of these concepts. Moreover, students will be advised to familiarize themselves with the various sections of the Income Tax Act and the Goods & Services Tax Act. The aforementioned is imperative for students to acquire the required practical skills to address various tax issues in business and personal situations.

Level: 2
Credit Units: 5
Presentation Pattern: Every semester

Topics

  • Singapore’s tax system
  • Rationale for taxes in Singapore
  • Principles of Income Tax
  • Taxation of local-sourced and foreign-sourced income
  • Taxation of self-employed individuals (i.e., sole proprietors) and employees
  • Taxation of resident and non-resident individuals
  • Principles of GST
  • Taxation of fully taxable and partially exempt businesses
  • Taxation of local consumptions
  • Taxation of imports
  • Principles of Stamp Duty
  • Taxation of dutiable instruments

Learning Outcome

  • Describe Singapore’s tax system
  • Explain the rationale for taxes in Singapore
  • Outline Singapore’s tax compliance requirements
  • Apply the principles of Income Tax, GST and Stamp Duty to real life circumstances
  • Compute income tax payable of an individual taxpayer
  • Calculate GST payable/recoverable of a GST-registered business
  • Appraise stamp duty payable on a dutiable instrument
  • Develop the essential knowledge and interpersonal skills to work effectively in a team
  • Demonstrate proficiency in written and verbal communication skills
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